VETERAN OWNED BUSINESSES: A new report found that the Volunteer State has 5th most veteran-owned businesses in the country. Nationwide, the U.S. Department of Veterans Affairs reports there are about 19 million veterans living in America. Many of these people who served their country are starting businesses, joining an increasing number of Americans who sought to become entrepreneurs after the onset of COVID-19, according to the U.S. Census Bureau.
Currently, New Hampshire and Virginia report the largest share of veteran-owned Businesses. Tennessee, not far from the top, ranks at number 5 on the list for states with the most veteran-owned businesses.
TENNESSEE VETERANS: The analysis found that in Tennessee, 7.7% of all businesses are owned by veterans—a total of 7,108 businesses employing 103,377 workers. Out of all states included in the analysis, Tennessee has the 5th most veteran-owned businesses. The annual revenue these veteran owned businesses in Tennessee generate comes in at $5-billion or more.
An interesting side note… nationwide, the share of businesses that are owned by veterans comes in at 5.7%, meaning Tennessee has 2% more businesses that are owned by veterans than the national average. The total number of businesses owned by veterans across the United States equals 331,151. The annual revenue produced by all veteran owned businesses in the country is a robust $963-billion.
In looking at midsized metro areas throughout the country with the most veteran owned businesses, Knoxville, Tennessee comes in at number 13 on the nationwide list. In Knoxville, 7% of all businesses are veteran-owned. The number one midsized metro area with the highest number of veteran owned businesses was Fayetteville, North Carolina where 11.6% of all businesses are owned by veterans.
When you look at large metro areas across the country, the area of Virginia Beach – Norfolk – Newport News, Virgina had the largest percentage of veteran owned businesses. There, 10.9% of all businesses are owned by veterans.
For Tennessee veterans on the hunt for a job, the state works with the American Job Centers that have dedicated staff who specifically assist veterans looking for long term suitable employment. Click here to learn more.
For more information, a detailed methodology, and complete results of states with high numbers of veteran owned businesses - you can find the original report on HireAHelper’s website: https://www.hireahelper.com/lifestyle/cities-with-the-most-veteran-owned-businesses/
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